Swiss Re shareholders re-elected Sergio Ermotti as chair, the company said on Wednesday, despite a recommendation by proxy adviser Institutional Shareholder Services (ISS) to vote against him over a lack of gender diversity.
Ermotti won 79% of the vote in the election at the reinsurer’s annual general meeting, less than the 96% he won at last year’s meeting.
ISS recommended shareholders oppose the reappointment of Ermotti as a “signal of concern” over the lack of gender diversity on the reinsurer’s board.
Ermotti told shareholders in a webcast that “abilities and experience” are also important in addition to diversity and that ISS was trying to make headlines with its stance.
(Reporting by Tom Sims and Paul Arnold; editing by Riham Alkousaa and Maria Sheahan)
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